Kommentar: Amerikas Schulden sind nicht länger ein „Free Lunch“ – mit brutalen Folgen
Seit 2002 geben die USA mehr aus, als sie einnehmen. Die öffentlichen Finanzen steuern auf einen Teufelskreis zu, und das Finanzministerium wird zum Getriebenen der eigenen Schuldenlast.
The last US President who practiced fiscal responsibility, Bill Clinton, turns 80 on Wednesday. It was not Donald Trump who turned 80 in June. That was the last time the US government earned more than it spent, back in 2001. The debt crisis plaguing the United States for over two decades is no longer a quiet affair. In bond markets, the rule is simple: the higher the demand, the higher the price, and the lower the return.
The return, or yield, is the interest rate at which the US can borrow money from markets. US bonds have historically been known as the "safe haven" for investors, providing a sense of security. The yield investors expect depends on how likely they think a country will default on its debt. For a long time, the US could borrow money at low interest rates, thanks to its unique status and low interest environment.
However, those days are gone. The yields on 10-year benchmark bonds have returned to crisis levels. The 30-year Treasury bond has been above 5 percent for nearly a month. A mix of record debt, inflation concerns, and competing AI bonds are driving the yields.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
